119 8th Ave SE · Rochester, MN 55904

$255,000

3 bd · 2.0 ba · 1,496 sqft · MultiFamily public records · 15 Days on market

Built 1910 6,795 sqft lot

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.6/5.0
• Schools +4.1/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Investment opportunity. Small duplex blocks from downtown. The updated duplex has a current rental certificate and solid history. Rent both units or live in one and rent the other. Could be converted back to a single family home. Large two car garage and spacious backyard.

Key facts

• In-law suite
• Spacious backyard
• 6,795 sq ft lot

Tags

• IN-LAW SUITE
• MAINTENANCE FREE SIDING
• SPACIOUS BACKYARD
• INVESTMENT OPPORTUNITY

Property features AI

Exterior

• Parking: Concrete driveway; 2-car garage
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; Two levels
• Construction: Block foundation; Asphalt roof; Built with a block foundation area of 902
• Exterior features: Enclosed patio; Front porch; Patio; Wire and wood fencing; Public transit within six blocks; City streets with sidewalks and public maintenance

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: 3 bedrooms total; Main floor primary bedroom; Bedroom (Main): 11 x 14; Bedroom (Main): 9 x 9; Bedroom (Upper): 9 x 10
• Bathrooms: Main floor three-quarter bath; Upper-level full bath
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fan(s); Kitchen window; Main floor primary bedroom; Patio; Porch; Sauna; Washer/dryer hookup; Full basement with block foundation
• Laundry & utility: Washer and dryer (appliances included); Laundry located in basement and on upper level; Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $255k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $255k).
• Recommended offer: $251k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.4% vs local median 3.5% in Rochester — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 92/100 on livability (#1 in MN, #27 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+.
• Rochester Public School District (urban): math 40% / reading 51% proficiency, ranked #152 of 301 in MN (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Riverside Central Elementary (math 12% / reading 22%, grade F, #771 of 857 statewide, top 91%, 417 students, 79% FRL); Century Senior High (math 37% / reading 67%, grade D+, #111 of 471 statewide, top 26%, 1,698 students, 31% FRL) — zoned schools average 55% FRL vs 31% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.1%/yr); 149 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,267 units permitted in Olmsted County in 2024 (915 in 5+ unit buildings).
• At $4,286/mo this rent would consume 67% of the median local household income ($77k/yr) (locally 864% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Olmsted County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.1% rent growth), your $71k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($251k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 16y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $189k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $251,175 (1.5% below list)

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
5. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
6. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.68% ✓
• Cap rate: 14.36%
• Cash-on-cash: 28.81%
• DSCR: 2.28
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.1% rent growth · sell at horizon

5-year hold

• IRR: 22.1%
• Equity multiple: 1.90×
• Total profit: $64,035
• Equity at exit: $38,021

10-year hold

• IRR: 29.6%
• Equity multiple: 3.53×
• Total profit: $180,899
• Equity at exit: $22,048

Cash invested: $71,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 46 Balanced
• State Minnesota: 46 Balanced · D+2
• County: — inherits STATE
• City: — inherits STATE

2024 reforms strengthened tenant protections; ramsey/hennepin courts paced moderate to slow.

Methodology + full state rankings →

ZIP-level market 55904

• Rents YoY: 2.1%
• Active inventory: 149
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $4,286 high
• Mortgage (P&I): −$1,337
• Tax from tax record: −$228 /mo · $2,736/yr
• Insurance: −$106
• HOA: −$0
• Vacancy / Maint / Mgmt: −$900
• Net cashflow: $1,714

Break-even live

Break-even rent $2,116

Max offer price $255,000

Occupancy floor 55%

Sensitivity live

Price	-10% $1,859	-5% $1,787	+0% $1,714	+5% $1,642	+10% $1,570
Rent	-10% $1,376	-5% $1,545	+0% $1,714	+5% $1,884	+10% $2,053
Rate	-1.0pp $1,843	-0.5pp $1,779	base $1,714	+0.5pp $1,648	+1.0pp $1,581

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$4,286
Total (2 units)			$4,286

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $63,750
• Closing costs: $7,650
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
123 11th Ave SE Unit 2 Rochester, MN	2.0	1.0	1150	$950	$0.83	21d	1	0.19mi
449 E Center St Rochester, MN	1.0–3.0	1.0–2.0	1165	$3,795	$3.26	13d	40	0.22mi
220 Broadway Ave S #911 Rochester, MN	2.0	2.0	1078	$1,750	$1.62	44d	1	0.48mi
308 15th Ave NE Rochester, MN	2.0	2.0	1344	$1,550	$1.15	21d	1	0.59mi
401 Broadway Ave N Rochester, MN	2.0	1.0–2.0	799	$1,977	$2.47	13d	22	0.63mi
400 1st Ave NW Rochester, MN	1.0–2.0	1.0–2.0	819	$1,510	$1.84	13d	7	0.68mi
28 7th St NE Rochester, MN	2.0	1.0–2.0	789	$2,750	$3.49	21d	18	0.70mi
705 1st Ave SW Rochester, MN	3.0	1.0–2.5	1135	$3,875	$3.41	13d	91	0.74mi
897 16th Ave SE Rochester, MN	4.0	1.5	1200	$1,395	$1.16	13d	1	0.85mi
207 5th Ave SW Rochester, MN	3.0	2.0	1500	$2,100	$1.40	44d	1	0.86mi
619 2nd St NW Unit 2 Rochester, MN	3.0	1.5	1435	$1,575	$1.10	13d	1	0.98mi
1902 8 1/2 St SE Unit Andover 1902-D Rochester, MN	3.0	2.0	1100	$1,250	$1.14	44d	1	1.03mi
2016 8 1/2 St SE Unit Andover 2016-A Rochester, MN	3.0	2.0	1100	$1,250	$1.14	44d	1	1.08mi
718 5th St SW Rochester, MN	2.0	1.0	722	$1,400	$1.94	13d	4	1.08mi
814 7th Ave SW Unit back Rochester, MN	3.0	1.0	1400	$3,000	$2.14	44d	1	1.11mi
826 21st Ave SE Rochester, MN	4.0	2.0	1250	$1,508	$1.21	13d	11	1.13mi
832 21st Ave SE Unit 21 Rochester, MN	4.0	2.0	1240	$1,495	$1.21	44d	1	1.17mi
970 11th Ave NW Rochester, MN	1.0–3.0	1.0–2.0	952	$1,734	$1.82	13d	6	1.44mi
950 11th Ave NW Rochester, MN	2.0–3.0	2.0	1225	$1,695	$1.38	13d	8	1.47mi

Listing history 13 events

1. 2026-06-19
   days on market $255,000 Active 15 DOM
2. 2026-06-18
   days on market $255,000 Active 14 DOM
3. 2026-06-17
   days on market $255,000 Active 13 DOM
4. 2026-06-16
   days on market $255,000 Active 12 DOM
5. 2026-06-15
   days on market $255,000 Active 11 DOM
6. 2026-06-14
   days on market $255,000 Active 9 DOM
7. 2026-06-13
   days on market $255,000 Active 8 DOM
8. 2026-06-10
   days on market $255,000 Active 6 DOM
9. 2026-06-09
   days on market $255,000 Active 5 DOM
10. 2026-06-08
    days on market $255,000 Active 4 DOM
11. 2026-06-07
    days on market $255,000 Active 3 DOM
12. 2026-06-05
    remarks 505-char remark
13. 2026-06-05
    listed $255,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MN · Partial reset (capped growth)

• Current annual tax: $2,736 · $228/mo
• Projected year-2 tax: $2,796 · $233/mo
• Expected delta: +$60/yr (+$5/mo · 2.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $51,432
• − Mortgage interest: −$14,284
• − Property taxes: −$2,736
• − Insurance: −$1,275
• − Repairs & maintenance: −$4,115
• − Management: −$4,115
• − Depreciation: −$7,418
• Taxable income: $17,490
• Est. tax owed @ 24.0%: −$4,198
• After-tax cash flow: $16,376/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Rochester Public School District
• NCES district ID: 2731800
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 51% ▼ -4.00%
• Median HH income: $66,540
• Composite: 40.6/100
• National rank: #3695
• State rank: #152 of 301 in MN

Livability — Rochester

• Score: 92/100
• State rank: #1
• US rank: #27

Category grades

Amenities A+ Commute A+ Cost of living B Crime A- Employment A+ Housing A+ Health & safety A+ User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rochester, MN
• County: Olmsted County · 135,035 people
• City population: 135,035
• Metro: Rochester, MN
• Population (ZIP): 29,639
• Household income: $77,016
• Rent vs Own: 35.7% rent · 64.3% own
• Severe rent burden: 864.0

Population outlook (Olmsted County) Hauer SSP2

• Today (2025): 165,999 people
• By 2030: 172,425 · +3.9%
• By 2040: 183,785 · +10.7%
• By 2050: 192,981 · +16.3%
• By 2075: 215,284 · +29.7%
• By 2100: 224,887 · +35.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Black 10% Hispanic / Latino 8% Two or more races 5% Asian 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 11% Lithuanian 2% Italian 2%
• Foreign-born: 11% · Canada, China, Vietnam
• Languages at home: 84% English-only · Spanish 5% Other Asian/Pacific 3% Arabic 2%

Political lean MEDSL · Olmsted

• 2024 margin: D (+10.7) · D 54.3% · R 43.6% · Other 2.1%
• 2008→2024 swing: +7.4pp toward D · 2008: 3.3pp · 2024: 10.7pp
• All cycles: 2024: D+10.7 2020: D+10.7 2016: D+0.8 2012: D+3.2 2008: D+3.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -161.04%
• Current HPI: 267.168
• Rent YoY: ▲ 2.10%
• Metro: Rochester, MN
• State GDP YoY: ▲ 2.41%
• F500 in state: 34

Industry mix (Fortune 500 HQ in MN)

Industry	F500 HQs	Revenue
▸Healthcare	2	$407B
▸Retail	2	$150B
▸Consumer Goods	2	$32B
▸Industrial Machinery	2	$6B
▸Agriculture	1	$40B
▸Healthcare / Medical Devices	1	$32B

Price history

+193.4% since first listed

21 events — show timeline

• 2026-06-04 Listed $255,000 NORTHSTARMLS as Distributed by MLS Grid
• 2020-01-30 Sold (Public Records) $189,000 Public Records
• 2020-01-27 Sold (MLS) $189,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-12-23 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2019-12-23 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2019-12-17 Price Changed $189,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-12-05 Listed $192,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-03-27 Listed $182,500 NORTHSTARMLS as Distributed by MLS Grid
• 2017-04-13 Sold (MLS) $165,300 NORTHSTARMLS as Distributed by MLS Grid
• 2017-04-10 Sold (Public Records) $165,300 Public Records
• 2016-07-27 Listed $154,900 NORTHSTARMLS as Distributed by MLS Grid
• 2015-11-10 Sold (Public Records) $130,000 Public Records
• 2011-06-14 Sold (Public Records) $80,000 Public Records
• 2011-06-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2011-05-31 Sold (MLS) $80,000 NORTHSTARMLS as Distributed by MLS Grid
• 2011-05-31 Sold (MLS) $80,000 NORTHSTARMLS as Distributed by MLS Grid
• 2011-05-31 Sold (MLS) $80,000 NORTHSTARMLS as Distributed by MLS Grid
• 2010-06-09 Listed $86,900 NORTHSTARMLS as Distributed by MLS Grid
• 2010-06-09 Listed $86,900 NORTHSTARMLS as Distributed by MLS Grid
• 2010-06-09 Listed $98,500 NORTHSTARMLS as Distributed by MLS Grid
• 2010-06-09 Listed $86,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+2.8%/yr

Latest (2025): $2,736 · +2.7% YoY. Source: county tax records.